XMR/USD Kraken - Potential Long (Turtle plus other indicators)
Monero, along with other alts, has been showing strength against the dollar over the past three weeks.
History tells us that alts often pop before Bitcoin so I am starting to look at set ups for a number of alts which I think are strong projects. I'm not saying the bottom is in but its at least a good time to evaluate the market for opportunities. With that said here is my thoughts on XMR:
1) Price found support at EMA 50 (orange line) but was rejected two days back on the EMA 100 (blue line)
2) Two blue horizontal lines show recent weekly R/S. If we can break through these they will act as support. Above this we have little resistance until the next weekly R/S level at $87
3) Two green lines ($54.69 & $55.54) show the Buy levels for the Tuttle S1 Trading Strategy - See related Idea below for details)
4) Buy volume has been greater than sell volume recently. This is confirmed by a positive OBV (not shown)
5) We are in the Ichimoku cloud with an edge to edge trade acting as a magnet to the top edge of $76 (using 20,60,120,30 settings) (also not shown)
Trade:
Buy position if price manages to close on the daily above the EMA 100 and lower Wk R/S level ($54.86). Add to position if price continues up and closes above the $57.16 Wk R/S level. As per Turtle strategy Stop Loss will be placed at 2% loss which will be approx $51.28. Expected target in range of $76-$87 (top of cloud-previous Wk R/S level), however I will exit in accordance with the Turtle strategy using trailing Stop Loss.
If you found this helpful please smash the like and follow buttons. It will encourage me to share other alt trades over the next few days.
Always remember "Luck is what happens when preparation meets opportunity"
This is not investment advice. Please always do your own research. If you are interested in this trade or the Turtle strategy in general then please follow me and my turtle trades.
History tells us that alts often pop before Bitcoin so I am starting to look at set ups for a number of alts which I think are strong projects. I'm not saying the bottom is in but its at least a good time to evaluate the market for opportunities. With that said here is my thoughts on XMR:
1) Price found support at EMA 50 (orange line) but was rejected two days back on the EMA 100 (blue line)
2) Two blue horizontal lines show recent weekly R/S. If we can break through these they will act as support. Above this we have little resistance until the next weekly R/S level at $87
3) Two green lines ($54.69 & $55.54) show the Buy levels for the Tuttle S1 Trading Strategy - See related Idea below for details)
4) Buy volume has been greater than sell volume recently. This is confirmed by a positive OBV (not shown)
5) We are in the Ichimoku cloud with an edge to edge trade acting as a magnet to the top edge of $76 (using 20,60,120,30 settings) (also not shown)
Trade:
Buy position if price manages to close on the daily above the EMA 100 and lower Wk R/S level ($54.86). Add to position if price continues up and closes above the $57.16 Wk R/S level. As per Turtle strategy Stop Loss will be placed at 2% loss which will be approx $51.28. Expected target in range of $76-$87 (top of cloud-previous Wk R/S level), however I will exit in accordance with the Turtle strategy using trailing Stop Loss.
If you found this helpful please smash the like and follow buttons. It will encourage me to share other alt trades over the next few days.
Always remember "Luck is what happens when preparation meets opportunity"
This is not investment advice. Please always do your own research. If you are interested in this trade or the Turtle strategy in general then please follow me and my turtle trades.
